Any Canadian resident individual, corporation, trust, & partnership who held property abroad of more than $100,000 at any time during tax year has to file Form T1135, “Foreign Income Verification Statement”. These foreign properties include: funds in foreign bank accounts, shares of non-resident corporation, land & buildings located abroad, interests in mutual funds (in foreign jurisdictions), debts owed to resident by non-residents, controlling more than 90% of non-resident partnerships and having intangible assets like: patents, copyrights or trademarks abroad.
Convert foreign income and other amounts in Canadian dollars, use Canada exchange rate during that day, you can visit:
http://www.bankofcanada.ca/ or contact CRA office. For newcomers to Canada and emigrants, you may have to reduce certain credits. See pamphletT4055, Newcomers to Canada, or GuideT4056, Emigrants and Income Tax for more info at,
http://www.cra.gc.ca/
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Earla Riopel, BSCom(USA), DipAcc(UBC)
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